• Well,if hedge funds first became mainstream maybe fifteen years ago, then what are you looking at in terms of history?

    如果对冲基金,在15年前就变成主流,那么你会在它们的历史记录中看到什么呢

    耶鲁公开课 - 金融市场课程节选

  • Think about the advent of hedge funds -twenty or twenty-five years ago, hedge funds were a blip on the radar screen.

    想想对冲基金刚出现时,差不多20或25年前,它就像雷达屏幕上的一个小点

    耶鲁公开课 - 金融市场课程节选

  • Law is the best hedge we have against " the domination of partiality and desire."

    法律是我们所拥有可对抗不公支配,与渴求的最佳防备“

    耶鲁公开课 - 政治哲学导论课程节选

  • So, hedge funds do not advertise, that's why people don't know about them and they have a mysterious -they sound mysterious.

    对冲基金公司做不了广告,那也是公众并不了解他们的原因,他们披着一层神秘的面纱...,他们听起来挺神秘的

    耶鲁公开课 - 金融市场课程节选

  • The problem is even more severe when you look at something that's relatively new, like the hedge fund world.

    在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域

    耶鲁公开课 - 金融市场课程节选

  • Long-term Capital Management was a big hedge fund that failed in 1998 and got bailed out by the Fed.

    长期资本管理公司,是一个1998年失败了的对冲基金8,并且被美联储保释了。

    耶鲁公开课 - 金融市场课程节选

  • So the survivorship bias and the backfill bias would be much,much more of a problem in the hedge fund world.

    所以生存偏差和回填偏差,会是对冲基金领域里一个相当重大的问题

    耶鲁公开课 - 金融市场课程节选

  • If you're a hedge fund, you're not for the public -you're not approved for investing by the public.

    对冲基金并不面向公众,无法获得面向公众募资的权利

    耶鲁公开课 - 金融市场课程节选

  • Why would it be that somebody else is allowed to invest in a hedge fund and I'm not?

    为什么允许其他人投资对冲基金,而我却不能呢

    耶鲁公开课 - 金融市场课程节选

  • He looked at a group of hedge funds that numbered 331 in 1996 and by 2004,eight years later, 75% of them had disappeared.

    他取样了一组对冲基金,是1996年的331支,到8年后的2004年,其中的75%都消失了

    耶鲁公开课 - 金融市场课程节选

  • they can be found to have breached their fiduciary duty, I'm on the hedge fund side and against the sort of company management side.

    他们可以被发现存在渎职行为,我站在对冲基金的阵营上并且反对,公司管理的主张。

    耶鲁公开课 - 金融市场课程节选

  • You look at the returns that are reported for hedge funds in aggregate--they're generally 12%,13%,14% per year for the last five or ten years.

    看一下过去5到10年间,公报中的对冲基金年平均收益率,普遍来说是12%,13%,14%

    耶鲁公开课 - 金融市场课程节选

  • if hedge funds could make markets completely efficient, it would benefit the world a lot--is one.

    如果对冲基金能够使市场能够完全有效,它会给世界带来很多益处-这是一点。

    耶鲁公开课 - 金融市场课程节选

  • Well, those hedge funds charge enormously more than what a standard manager of marketable securities' charges.

    那些对冲基金经理的收费,远比证券投资经理的收费高

    耶鲁公开课 - 金融市场课程节选

  • So, he's doing quite well and he has some celebrity status among hedge fund managers.

    他可以说是事业有成,并在众多对冲基金经理人中,负有盛名

    耶鲁公开课 - 金融市场课程节选

  • So,huge amounts of institutional funds and individual funds are going into this hedge fund world.

    大量机构基金和个人基金,都将进入对冲基金领域

    耶鲁公开课 - 金融市场课程节选

  • The question is, if a group of Yalies started a hedge fund, what would they have to do to convince me to invest in them?

    提问是,如果一群耶鲁校友创立一个对冲基金,他们如何才能说服我入股投资呢

    耶鲁公开课 - 金融市场课程节选

  • Let's take an example of an important kind of private company, called a hedge fund.

    我举个例子,一种重要的私募券商,叫做对冲基金

    耶鲁公开课 - 金融市场课程节选

  • If you are--this is a private investment company -let's think before we talk about hedge--think of -suppose you're a public investment company approved by the SEC.

    如果你是...这是一种私募投资公司,...在我们讨论对冲基金之前大家想一想,...假设你有一家经证交会认证的公共券商

    耶鲁公开课 - 金融市场课程节选

  • I think more and more that'll be a part of what hedge funds do.

    我认为会越来越成为,对冲基金的业务之一。

    耶鲁公开课 - 金融市场课程节选

  • The idea is that people who don't have much money can't afford expensive lawyers and they can't figure it out and they really shouldn't be investing in hedge funds.

    那些钱不足以支付昂贵律师费,无法解决资金问题的人,实在不该投资对冲基金

    耶鲁公开课 - 金融市场课程节选

  • As a matter of fact, it costs an increasing amount to play the game when you look at the fees that are paid to investment managers and hedge funds.

    事实上,当把付给投资经理,和对冲基金的费用都算进去的话,这个博弈的成本越来越高

    耶鲁公开课 - 金融市场课程节选

  • As a result, hedge funds have a very low profile.

    所以对冲基金常常十分低调

    耶鲁公开课 - 金融市场课程节选

  • Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.

    系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报

    耶鲁公开课 - 金融市场课程节选

  • The hedge fund world is 7.1% first to third quartile, real estate 9.3% per annum, leveraged buyouts 13.7% per annum this is over a ten-year period, so now we're starting to talk about some pretty significant dispersion.

    在对冲基金中,这个差距有7.1%,不动产投资中的差距是9.3%,杠杆收购中是每年13.7%,以上都是十年期收益,我们现在谈的是,一些显著的差距

    耶鲁公开课 - 金融市场课程节选

  • I thought they were going to and that was to protect people who might be na?ve, innocent people who only have a million dollars or only have two million dollars and don't know what they're doing from hedge funds.

    我认为他们这么做,是想保护一些没有经验的投资者,他们只有100万美元,或者只有200万美元,并不清楚对冲基金的操作流程

    耶鲁公开课 - 金融市场课程节选

  • I would be looking at this--at the debt areas Student: You mentioned about the U.S. dollar falling in value recently. What kind of foreign currency vehicles or trading would you recommend to kind of hedge a bet against a dollar assuming that it continues to fall?

    我会考虑这方面的投资--债务市场方面的机会,学生:你刚才提到美元,最近贬值的问题,那么哪些品种的外汇金融工具,或者外汇交易在你看来可以用来,对冲美元贬值的风险,如果我们假设美元还会将继续贬值?

    耶鲁公开课 - 金融市场课程节选

  • I think it's very hard to raise the definition of accredited investors because the minute you do that you're closing large numbers of people out from their ability to invest in hedge funds and they don't like that; they feel insulted, so there was a lot of angry reaction.

    我认为要提高,合资格投资者的门槛很难,因为一旦实施,大量的投资者将被拒之门外,这些有能力投资对冲基金的人们,可不会开心,他们会觉得被侮辱了并因此而恼怒

    耶鲁公开课 - 金融市场课程节选

  • Now, there are different kinds of hedge funds -there's a lot of legal complexity here but a 3c1 hedge fund is limited to ninety-nine investors.

    如今有各种各样的对冲基金,...其中牵涉了许多复杂的法律条文,比如3C1对冲基金,投资人数上限为99人

    耶鲁公开课 - 金融市场课程节选

  • There's also another kind of hedge fund, 3c7, which can take five hundred investors.

    还有一种3C7对冲基金,允许有500个投资者

    耶鲁公开课 - 金融市场课程节选

词组短语

hedge fund 避险基金;套保基金

hedge against 避免损失的措施

hedge against inflation [经]为防通货膨胀而套购

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